Decentraland Price Up By 9.05% – Time to Buy MANA Coin?

Several investors have been rushing to buy MANA as the digital asset hit an explosive rally after seeing a lull in price in the last 72 hours.

Decentraland has been quite conservative through most of this year as the digital token hit only a high price peg of $1.5 prior to October.

However, recent interest in the Metaverse by top tech giants like Microsoft and Meta has seen MANA surge to the moon.

We will explore MANA’s technical and fundamental analysis and see if this is an ideal time to buy the coin.

MANA: Top Pick For The Metaverse

A lot of potential lies in the virtual reality platform, as apparent in today’s rally. The Ethereum-based protocol has posted sub-par price gains up until recently.

However, a keen interest in the non-fungible token (NFT) and Metaverse ecosystems have lent credence to Decentraland’s vision of allowing anyone to create, experience and monetise their content and decentralised applications (dApps).

At press time, MANA is trading at $3.5583, up 9.05% in the last 24 hours. Weekly gains have also been explosive as MANA is up 33.46% and 361.97% in the past month. Year-to-date (YTD), the NFT-facing protocol has surged 4,492.98% with a twelve-month trailing increase of 4,475.91%.

While large-cap projects like Bitcoin and Ethereum are trading way below their all-time highs (ATHs), MANA is pushing the boundary and looks set on hitting a new technical breakout.

This could see the digital token revisit the ATH of $4.11 on October 31. With such bullish potential, MANA has seen an increase in market cap, which currently sits at $6.5 billion, up 8.69%. However, 24-hour trading volume is off course as MANA is down by 14.35%, with over $3.3 billion worth of the virtual currency being traded.

With noticeable investments flowing into the metaverse, this could be a good entry point to buy MANA and hold for the long term.

MANA Technical And Fundamental Analysis

Following a strong bullish rally, the ERC-20 token is posting an impressive performance. The digital token is soaring above the 20-day moving average (MA) support price of $3.0138, indicating a strong short-term bullish potential.

The 200-day MA also asserts this uptrend as MANA is trading above the indicator support price of $1.0465. This is in direct contrast to the broader crypto market, which is still struggling in the bearish region.

Regarding the 14-day relative strength index (RSI), MANA is trading at 71.26, indicating that the digital asset is trading at the overbought region. This is a sign that more investors are keen to buy MANA.

Meanwhile, the moving average convergence and divergence (MACD) indicator are neutral, pointing to a struggle between the bears and bulls.

An impressive fundamental momentum backs Decentraland’s strong technical performance.
In the past two weeks, Decentraland has been the recipient of investor attention after Facebook announced a rebranding to Meta.

According to the October 28 announcement, Meta will work on bringing the Metaverse to life by helping people connect, build communities, and grow businesses.

The Meta company noted that the Metaverse would be similar to the social experiences but this time with a tinge of 3D immersive experiences. The firm said the concept would enable people to collaborate over projects and brainstorm on ideas even though they are in far-flung destinations.

In addition, Decentraland has been tapped by the Government of Barbados to launch the Barbados virtual embassy. This would be the world’s first-ever virtual embassy as the island nation seeks to create a sovereign virtual land.

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